Raymond James Financial (RJF) kicked off fiscal 2026 with a strong QQ1 showing across its diversified platform, delivering record net revenues of $3.7 billion and net income of $563 million (EPS of $2.79, $2.86 on an adjusted basis). Asset-centric businesses led the momentum: Private Client Group (PCG) revenues of $2.77 billion supported by record fee-based assets of $1.04 trillion, with asset inflows accelerating (annualized net new asset growth of 8% for the quarter and ~10% annualized inflows in managed fee-based programs). Net new assets for the quarter totaled about $31 billion, marking the second-best quarter in RJF history and highlighting sustained adviser recruiting strength and client-adviser cohesion. The Bank segment posted record loans of $53.4 billion, with securities-based lending (SBL) growth of 28% year-over-year and 10% quarterly growth, underscoring the synergy between RJF’s balance sheet and its private-client growth engine. Asset management inflows combined with strong advisory activity helped lift pretax margins to around 19.5% (adjusted at about 20%), with annualized return on common equity (ROE) of 18% and adjusted return on tangible common equity (ROTCE) of 21.4%. Management remains committed to deploying capital for long-term growth, evidenced by a $400 million common stock repurchase in the quarter, the strategic acquisitions of Clark Capital and GreensLedge (announced during the quarter), and a Tier 1 leverage ratio of 12.7% against a desire to maintain ample capital flexibility. Near-term headwinds include a backdrop of lower-for-longer interest rates and typical seasonal headwinds in the second fiscal quarter (fewer billing days, payroll tax resets), though management reiterated confidence in a durable longer-term growth trajectory driven by a differentiated “Power of Personal” value proposition, robust AI-enabled platform enhancements (RA AI operations agent), and disciplined capital deployment.